The Long-Term Vulnerabilities of Spanish Capitalism in Light of the Covid-19 Pandemic
A Political Economy Approach
Bibliographic Data
| ID | 12155269 |
|---|---|
| Authors | Pedro M Rey-Araújo (0000-0002-0008-4633, Galician Studies and Development Institute (IDEGA), University of Santiago de Compostela, Santiago de Compostela, Spain, corresponding author), Luis Buendía (0000-0002-8507-7538, Universidad de León) |
| Year | 2022 |
| Volume | 51 |
| Issue | 1 |
| Pages | 33-48 |
| Publication date | 2022-01-02 |
| Open Access | No |
| Type | ARTICLE |
| Venue | International Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0891-1916 • E-ISSN: 1558-0970 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/08911916.2022.2046350 |
| OpenAlex | W4229001504 |
| Language | EN |
| Citations received | 1 |
| References cited | 23 |
This article explores the evolution of Spain’s capitalism during the last decades in order to unveil the factors underlying the harshness with which the COVID-19 pandemic has impacted Spain. We present a twofold thesis. On the one hand, we argue that Spanish capitalism has harbored certain internal vulnerabilities, relative to its productive specialization, its labor market, its welfare institutions, and indebtedness levels, which successive boom and busts have reproduced and ultimately exacerbated. On the other hand, we contend that these various vulnerabilities have abruptly come to the fore with the irruption of the COVID-19 pandemic, thus accounting for its singularly dramatic consequences. In order to substantiate our hypotheses, we provide a political economy analysis of the recent trajectory of Spanish capitalism. The economic boom initiated in the 1990s developed various vulnerabilities, which the years following the onset of the Great Recession did not attenuate and to which various others were added during the last expansion phase, all coming to the fore with the sudden outbreak of the COVID-19 pandemic
Boom · Capitalism · Coronavirus disease 2019 (COVID-19 · Development economics · Economics · Economy · Keynesian economics · Market economy · Order (exchange · Pandemic · Political economy · Political science · Politics · Recession · Welfare capitalism · Welfare state · Employment and Welfare Studies · Law · Social Policy and Reform Studies · Finance
| Citations per year | 0.25 |
|---|---|
| Citation span | 2022 - 2022 (1) |
| Highly cited | No |